The invention relates to a low-density high-plasticity NiAl-reinforced ultrahigh-strength steel and a preparation method thereof, belonging to the technical field of alloy steel. The alloy comprises the following components in percentage by weight: 0.5-1.5% of C, 10-30% of Mn, 5-12% of Al, 5-15% of Ni, 0-5% of Cr, 0-0.2% of Nb, and the balance of Fe and other inevitable impurity elements and minor elements, such as Si, Ti and the like. The preparation method adopts a vacuum induction+vacuum consumable remelting or electroslag remelting technique. Compared with the prior art, the low-density high-plasticity NiAl-reinforced ultrahigh-strength steel has the advantages of favorable comprehensive properties, low density, high plasticity, ultrahigh strength and the like. The density is up to 6.5-7.2 g/cm<3>, the tensile strength is up to 1350 MPa above, and the elongation percentage is up to 10% above.